Apartments are a good bet when it comes to terms like maintenance and affordability in UAE. Here are the things to be considered while buying an apartment in UAE.
Steps to be followed while buying an apartment in UAE
Get clear about the costs involved
Before purchasing any property you need to be clear if you can afford it. You need to question yourself whether you can afford not only the property but also the other costs involved in it like purchasing costs, deposit fees, estate agent fees etc., It is always recommended to appoint a legal adviser to take care of all these issues and to help you with the paperwork.
Stay in touch with specialist agents
Still stuck about the apartment you want to buy even after an extensive research online? Just stay in contact with the specialist agents that not only help you with finding the apartment that suits you but also helps you in discovering various options available.
Estate agents guide you and protect you from any pitfalls financially if the market witnesses any fluctuations. Usually, they charge 2-4% of the value of your apartment.
Memorandum Of Understanding
This the first step that has to be taken while opting for an apartment in UAE. This is an agreement that has to be made with the seller of the property that includes terms and conditions along with the date and time of the final purchase of your property.
After signing the Memorandum Of Understanding comes the next step of making the initial deposit that usually encompasses 10% of the total purchase price. Initial deposit is generally non-refundable unless there arises a specific reason why the seller cannot proceed with the transaction.
A real estate commission of 2%-5% has to be paid along with the initial deposit.
Transfer of deeds
Once you are ready with the agreement and finance related to the property, you can proceed to the next step of buying the property by paying the entire amount.
In Order to carry on with this step, a meeting has to be held between the buyer, seller at the Department of Land. For the resale properties, Land department charge 4% of the purchase price along with Dh 580. Both the buyer and seller have to pay in this 4% to the Land department if its stated in the MOU.
The title deed transfer usually takes place at a Real Estate Registration Trustee where the title deed gets transferred to the buyer and can obtain all the access cards related to the property. The commission of the broker as stated in the MOU is then paid followed by activation of Dewa (Dubai Electronic and Water Authority) services.
Factors to consider before buying an apartment in UAE
- For whom are you going to purchase the apartment i.e., couples, family etc.
- Whether it’s a long-term, medium or short-term investment.
- How the returns are going to be for the investment, etc.
- Maintenance costs.
You can also check : Top 5 expensive apartments in UAE
Benefits of buying an apartment
- Most apartments in Dubai have a gymnasium, swimming pool that is free of residents
- Security is the one thing that you can rely upon in Dubai. Visitors cannot enter the apartments without penning down their signature at the gate or without getting accompanied by the apartment residents.
- When it comes to other factors, the utility bills are cheaper in apartments when compared to villas.
- Convenient stores are available in the premises of apartments or within a short distance.
When it comes to security and a variety of reasons as mentioned above, apartments are always the safest and most amicable options to choose for staying in the UAE.